Capital instruments: main features/media/Files/R/RBS-IR-V2/...Coupons / dividends 17 Fixed or floating dividend/coupon Fixed to floating Fixed to floating Fixed 18 Coupon rate and

Capital instruments: main features Annex to the NatWest Group H1 2020 Pillar 3 Report

This annex complements the NatWest Group H1 2020 Pillar 3 Report and complies with the requirement under Article 437(1)(b) of Regulation (EU) No.575/2013 (the

"CRR") to provide a description of the main features of capital instruments issued by NatWest Group plc and its consolidated subsidiaries (together, “NatWest Group”).

The information contained in this document has been compiled in accordance with the CRR, Commission Implementing Regulation (EU) No 1423/2013 ('Own Funds

Disclosure'), Q&A's published by the European Banking Authority and regulatory guidance published by the UK Prudential Regulation Authority. Assumptions on the

regulatory treatment of the capital instruments described herein under the CRR reflect NatWest Group interpretation of current rules.

This document is for information only and is not an offer of securities nor an invitation or recommendation to invest. No investor or prospective investor in the securities

described herein should rely upon the relevant description contained in this document and NatWest Group shall not be held liable for any inaccuracy or misstatement.

Included only in regulatory capital Included only in regulatory capital Included only in regulatory capital

Additional Tier 1 Additional Tier 1 Tier 2

1 Issuer NatWest Group plc NatWest Group plc NatWest Group plc

2Unique identifier (eg CUSIP, ISIN or Bloomberg

identifier for private placement) US780097AH44 US74927PAA75 US780099CE50

3 Governing law(s) of the instrument New York New York New York

3a

Means by which enforceability requirement of Section

13 of the TLAC Term Sheet is achieved (for other TLAC-

eligible instruments governed by foreign law)

n/a n/a n/a

Regulatory Treatment

4 Transitional CRR rules Additional Tier 1 Additional Tier 1 Tier 2

5 Post-transitional CRR rules Ineligible Ineligible Tier 2

6 Eligible at solo/group/group&solo Group Group Group

7 Instrument type (types to be specified by jurisdiction) Perpetual Tier One Securities Trust Preferred Securities Tier 2 Securities

8A Reg Cap (PRA transitional basis) by ISIN GBP 611,978,437 318,065,298 893,182,861

8Amount recognised in regulatory capital (Currency in

millions, as of most recent reporting date)GBP 612m GBP 318m GBP 893m

9Outstanding Nominal amount of instrument (in Issue

Currency)761,746,000 393,574,000 2,250,000,000

9a Issue price 100 per cent U.S.$1,000 per TPS 99.923 per cent

9b Redemption price 100 per cent U.S.$1,000 per TPS 100 per cent

9cOriginal Nominal amount of instrument (in Issue

Currency)1,200,000,000 650,001,000 2,250,000,000

9d Issue Currency USD USD USD

10 Accounting classification Amortised Cost Amortised Cost Amortised Cost

11 Original date of issuance 20/08/2001 10/12/2003 04/12/2012

12 Perpetual or dated Perpetual Dated Dated

13 Original maturity date Perpetual 03/01/2043 15/12/2022

14 Issuer call subject to prior supervisory approval Yes Yes Yes

15Optional call date, contingent call dates and redemption

amount

Issuer Call 30 September 2031 / Tax and

Regulatory Call at any time / 100 per cent

Issuer Call 3 January 2034 / Tax and

Regulatory Call at any time / U.S.$1,000Tax and Regulatory Call at any time

16 Subsequent call dates, if applicable Each Interest Payment Date after first callOn any distribution payment date after first

calln/a

Coupons / dividends

17 Fixed or floating dividend/coupon Fixed to floating Fixed to floating Fixed

18 Coupon rate and any related index

7.648 per cent to September 2031, thereafter

3 month US dollar LIBOR plus 2.5 per cent, if

not called

6.425 per cent to January 2034, and

thereafter 3 month US dollar LIBOR plus

1.9425 per cent, if not called

6.125 per cent

19 Existence of a dividend stopper YesTPS and PPS: Yes

Sub Notes: NoNo

20aFully discretionary, partially discretionary or mandatory

(in terms of timing)Partially discretionary

TPS and PPS: Partially discretionary

Notes: Mandatory Mandatory

20bFully discretionary, partially discretionary or mandatory

(in terms of amount)Partially discretionary

TPS and PPS: Partially discretionary

Notes: Mandatory Mandatory

21 Existence of step up or other incentive to redeem Yes Yes No

22 Non-cumulative or cumulative Cumulative and ACSM

TPS: Noncumulative

PPS: Noncumulative

Notes: Not Applicable

Cumulative

23 Convertible or non-convertible Convertible

TPS: Convertible into dollar preference

shares as described below

PPS: Non-convertible

Notes: Non-convertible

Non-convertible

24 If convertible, conversion triggers(s)

Issuer’s option to convert to Tier 2 Securities

upon the occurrence of a Tax Event, Tier 1

Disqualification Event or Delisting Event

Substitute Dollar Preference Shares of Group

for TPS following a Substitution Eventn/a

25 If convertible, fully or partially Always fully Always fully n/a

26 If convertible, conversion rate Par conversionAn amount equal to the aggregate liquidation

preference of the TPS (U.S.$1,000) held.n/a

27 If convertible, mandatory or optional conversion Optional; and At the option of the Issuer Mandatory; and At the option of Group n/a

28 If convertible, specify instrument type convertible into Tier 2 Non-cumulative Preference Shares n/a

29If convertible, specify issuer of instrument it converts

intoNatWest Group plc NatWest Group plc n/a

30 Write down features (contractual) No No No

30a Write down features (statutory) Statutory regime not expected to be available Statutory regime not expected to be available Statutory regime not expected to be available

31 If write-down, write-down trigger(s) n/a n/a n/a

32 If write-down, full or partial n/a n/a n/a

33 If write-down, permanent or temporary n/a n/a n/a

34If temporary write-down, description of write up

mechanismn/a n/a n/a

34a Type of Subordination Contractual Contractual Contractual

35

Position in subordination hierarchy in liquidation

(specify instrument type immediately senior to

instrument)

Subordinate to Tier 2 Subordinate to Tier 2 Subordinate to Senior Creditors

36 Non-compliant transitioned features Yes Yes No

37 If yes, specify non-compliant features

Without Loss-Absorption Trigger

Step-up

Dividend Stopper


Step-up

Dividend Stopper

No Waiver of Set-Off Rights

n/a

(1)

(2)

(3)

Notes

Nominal Value versus Regulatory Value

• Regulatory value for equity accounted instrument is

translated to GBP at the FX rate on time of issuance

• Regulatory value for amortised cost accounted instrument

is translated to GBP at the current FX rate

• Regulatory value for a Tier 2 instrument within its last five

years to maturity will be subject to straight line amortisation

Amounts reported for Additional Tier 1 and Tier 2

instruments are before grandfathering restrictions imposed

by CRR

For 3(a) - Means by which enforceability requirement of

Section 13 of the TLAC Term Sheet is achieved - NA

applies to statutory enforceability for bonds issued under the

same law as the entity's incorporation

1 Issuer


identifier for private placement)

3 Governing law(s) of the instrument

3a





4 Transitional CRR rules

5 Post-transitional CRR rules

6 Eligible at solo/group/group&solo

7 Instrument type (types to be specified by jurisdiction)

8A Reg Cap (PRA transitional basis) by ISIN GBP


millions, as of most recent reporting date)


Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency

10 Accounting classification

11 Original date of issuance

12 Perpetual or dated

13 Original maturity date

14 Issuer call subject to prior supervisory approval


amount

16 Subsequent call dates, if applicable

Coupons / dividends

17 Fixed or floating dividend/coupon


19 Existence of a dividend stopper


(in terms of timing)


(in terms of amount)

21 Existence of step up or other incentive to redeem

22 Non-cumulative or cumulative

23 Convertible or non-convertible


25 If convertible, fully or partially

26 If convertible, conversion rate

27 If convertible, mandatory or optional conversion

28 If convertible, specify instrument type convertible into


into

30 Write down features (contractual)

30a Write down features (statutory)

31 If write-down, write-down trigger(s)

32 If write-down, full or partial

33 If write-down, permanent or temporary


mechanism

34a Type of Subordination

35



instrument)

36 Non-compliant transitioned features


(1)

(2)

(3)

Notes










by CRR





Included only in regulatory capital Included only in regulatory capital Included only in regulatory capital

Tier 2 Tier 2 Tier 2

NatWest Markets N.V. NatWest Markets N.V. NatWest Markets Plc

US00077TAA25 US00077TAB08 XS0123062886

New York New York English

n/a n/a n/a


Ineligible Ineligible Tier 2

Solo and Group Solo and Group Solo and Group

Tier 2 Securities Tier 2 Securities Tier 2 Securities

62,938,355 121,221,917 4,444,582

GBP 63m GBP 121m GBP 4m

135,566,000 150,000,000 125,600,000

100 per cent 99.178 per cent 100 per cent

100 per cent 100 per cent 100 per cent

250,000,000 150,000,000 125,600,000

USD USD USD

Amortised Cost Amortised Cost Amortised Cost

27/05/1993 20/10/1993 18/09/2000

Dated Dated Dated

15/05/2023 15/10/2093 18/09/2020

Yes Yes Yes

Tax Call at any time Tax Call at any time Tax Call on any interest payment date

n/a n/a n/a

Fixed Fixed Floating

7.75 per cent 7.125 per cent US dollar 6 month LIBOR plus 0.50 per cent

No No No

Mandatory Mandatory Partially discretionary


No No No

Cumulative Cumulative Cumulative

Non-convertible Non-convertible Convertible

n/a n/a

Statutory bail-in power and mandatory write-

down/conversion of capital instruments power

under UK Banking Act 2009

n/a n/a Fully or partially

n/a n/a To be determined at conversion

n/a n/aMandatory upon satisfaction of certain

conditions

n/a n/a Common Equity Tier 1

n/a n/a NatWest Markets Plc

No No No

Statutory regime not expected to be available Statutory regime not expected to be available Statutory regime expected to be available

n/a n/a




n/a n/a Fully or partially

n/a n/a Permanent

n/a n/a n/a

Contractual Contractual Contractual

Subordinate to Senior Creditors Subordinate to Senior Creditors Subordinate to Senior Creditors

Yes Yes No

Secured / Guaranteed

Enhancements of Seniority

Acceleration otherwise than on liquidation






n/a

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR





Included in regulatory capital and in

TLAC


TLAC


TLAC

Common Equity Tier 1 Additional Tier 1 Additional Tier 1

NatWest Group plc NatWest Group plc NatWest Group plc

GB00B7T77214 US780099CK11 US780097BQ34

Scots New York New York

Statutory Contractual Contractual



Consolidated Group Group

Ordinary shares Contingent Capital Note Contingent Capital Note

31,197,000,000 734,116,992 1,215,521,462

GBP 31,197m GBP 734m GBP 1,216m

n/a 1,150,000,000 1,500,000,000

n/a 100 per cent 100 per cent


n/a 1,150,000,000 1,500,000,000

USD USD

Shareholder's equity Equity Equity

n/a 10/08/2015 29/06/2020

Perpetual Perpetual Perpetual

n/a Perpetual Perpetual

n/a Yes Yes

n/aIssuer Call 10 August 2025 / Tax and

Regulatory Call at any time / 100 per cent

Issuer call on any date between 29 Dec 2025

& 29 June 2026 inclusive /Tax and Regulatory

Call at any time / 100 per cent

n/a10 August 2025 and every five years

thereafter29 June 2031 and every five years thereafter

n/a Fixed to Fixed Fixed

n/a8.000 per cent until 10 August 2025. Resets

to 10 year mid swap + 572bps, if not called

6.000 per cent untill 29 June 2026. Reset to

Rate per annum equal to the applicable U.S.

Treasury Rate as determined by the

Calculation Agent plus 562.5bps

No No No

n/a Fully discretionary Fully discretionary

n/a Fully discretionary Fully discretionary

n/a No No

Non-cumulative Non-cumulative Non-cumulative

Non-convertible Convertible Convertible

n/a

7% Group CET1

Triggers to Contractual recognition of

statutory bail-in power and mandatory write-



7% Group CET1





n/a Fully Fully

n/a $3.606 $2.179

n/a Mandatory Mandatory

n/a Ordinary Shares Ordinary Shares

n/a NatWest Group plc NatWest Group plc

n/a Yes Yes

n/aContractual acknowledgement of statutory bail-

in

Contractual acknowledgement of statutory bail-

in

n/a

Contractual recognition of statutory bail-in

power and mandatory write-down/conversion

of capital instruments power under UK

Banking Act 2009




Banking Act 2009

n/a Fully or partially Fully or partially

n/a Permanent Permanent

n/a n/a n/a

n/a Contractual Contractual

Immediately subordinate to additional tier 1 Subordinate to Tier 2 Subordinate to Tier 2

No No No

n/a n/a n/a

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR






TLAC


TLAC


TLAC

Additional Tier 1 Additional Tier 1 Additional Tier 1

NatWest Group plc NatWest Group plc National Westminster Bank Plc

US780097BB64 US639057AA62 (5) GB0006227051

New York Scots English

Contractual n/a Statutory

Additional Tier 1 Additional Tier 1 Additional Tier 1

Additional Tier 1 Ineligible Ineligible

Group Group Solo and Group

Contingent Capital Note Equity Preference Shares Debt Preference Shares

2,040,113,319 493,767,385 140,000,000

GBP 2,040m GBP 494m GBP 140m

2,650,000,000 1,013,000,000 140,000,000

100 per cent U.S.$100,000 per ADS 100.11 pence per share

100 per cent U.S.$100,000 per ADS n/a

2,650,000,000 1,500,000,000 140,000,000

USD USD GBP

Equity Equity Amortised Cost

15/08/2016 04/10/2007 17/09/1991



Yes Yes No

Issuer Call 15 August 2021 / Tax Call at any

time / 100 per cent

Issuer Call 29 September 2017 / Regulatory

Call on any dividend payment date /

U.S.$100,000

n/a

15 August 2021 and every five years

thereafter

Any quarterly dividend payment date falling on

the tenth anniversary after first calln/a

Fixed to Fixed Floating Fixed

8.625 per cent until 15 August 2021. Resets

to 5 year mid swap + 760bps if not called3 month US dollar LIBOR plus 2.32 per cent 9 per cent

No Yes Yes

Fully discretionary Fully discretionary Partially discretionary

Fully discretionary Fully discretionary Partially discretionary

No No No

Non-cumulative Non-cumulative Non-cumulative and ACSM

Convertible Non-convertible Non-convertible

7% Group CET1





n/a n/a

Fully n/a n/a

$2.284 n/a n/a

Mandatory n/a n/a

Ordinary Shares n/a n/a

NatWest Group plc n/a n/a

Yes No No


inStatutory regime expected to be available Statutory regime expected to be available




Banking Act 2009

n/a n/a

Fully or partially n/a n/a

Permanent n/a n/a

n/a n/a n/a


Subordinate to Tier 2 Subordinate to Tier 2 Subordinate to Tier 2

No Yes Yes

n/a


Dividend Stopper



Dividend Stopper


(5) From 23 July 2020, the ISIN changed from

US780097AU54 to US639057AA62 following

the name change of the Issuer to NatWest

Group plc.”

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR






TLAC


TLAC


TLAC



US780097AY76 US780097AZ42 GB0007548026

New York New York Scots

Contractual Contractual n/a


Tier 2 Tier 2 Ineligible

Group Group Group


474,605,158 1,117,984,660 400,000

GBP 475m GBP 1,118m GBP m

1,000,000,000 2,000,000,000 400,000

99.859 per cent 99.098 per cent £1:10/- per share (6)

100 per cent 100 per cent n/a

1,000,000,000 2,000,000,000 400,000

USD USD GBP


10/06/2013 19/12/2013 17/07/1968

Dated Dated Perpetual

10/06/2023 19/12/2023 Perpetual

Yes Yes No

Tax and Regulatory Call at any time Tax and Regulatory Call at any time n/a

n/a n/a n/a

Fixed Fixed Fixed

6.100 per cent 6.000 per cent 5.5 per cent

No No No



No No No


Convertible Convertible Convertible




Banking Act 2009




Banking Act 2009




Fully or partially Fully or partially Fully or partially

To be determined at conversion To be determined at conversion To be determined at conversion

Mandatory upon satisfaction of certain

conditions


conditions


conditions

Common Equity Tier 1 Common Equity Tier 1 Common Equity Tier 1


Yes Yes No


in


inStatutory regime expected to be available




Banking Act 2009




Banking Act 2009





Permanent Permanent Permanent

n/a n/a n/a



No No No

n/a n/a n/a

(6) £1:10/- per share being £1, the nominal

amount of the share and a 10/- premium).

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR






TLAC


TLAC


TLAC



GB0007548133 GB0007547507 US780099CH81

Scots English New York

n/a Statutory Contractual


Ineligible Ineligible Tier 2

Group Group Group


500,000 86,221,110 1,414,632,449

GBP 1m GBP 86m GBP 1,415m

500,000 106,690,000 2,250,000,000

£1 per share 100 per cent 99.213 per cent


500,000 350,000,000 2,250,000,000

GBP USD USD


17/07/1968 11/12/1985 28/05/2014

Perpetual Perpetual Dated

Perpetual Perpetual 28/05/2024

No Yes Yes

n/aIssuer Call December 1990 / Tax Call on any

Interest Payment Date / 100 per centTax and Regulatory Call at any time

n/a Each Interest Payment Date n/a

Fixed Floating Fixed

11.0 per cent 6 month US LIMEAN plus 0.25 per cent 5.125 per cent

No No No

Partially discretionary Partially discretionary Mandatory


No No No












Banking Act 2009




conditions


conditions


conditions



No No Yes

Statutory regime expected to be available Statutory regime expected to be availableContractual acknowledgement of statutory bail-

in










Banking Act 2009



n/a n/a n/a



No Yes No

n/a

Calls / early repayment at sole discretion of

Issuer


n/a

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR






TLAC


TLAC


TLAC


National Westminster Bank Plc National Westminster Bank Plc National Westminster Bank Plc

XS0102480869 XS0102493680 XS0090254722

English English English

Statutory Statutory Statutory


Ineligible Ineligible Ineligible



161,498,257 54,234,877 71,228,781


177,617,000 54,544,000 300,000,000



400,000,000 200,000,000 300,000,000

EUR GBP GBP


05/10/1999 05/10/1999 07/09/1998

Perpetual Perpetual Dated

Perpetual Perpetual 07/09/2021

Yes Yes Yes

Issuer Call 5 October 2009 / Tax Call on any

Interest Payment Date / 100 per cent

Issuer Call 5 October 2022 / Tax Call at any

time / 100 per centTax Call at any time

Each Interest Payment Date Each fifth anniversary after first call n/a

Floating Fixed to Fixed Fixed

3 month EURIBOR plus 2.15 per cent

7.125 per cent to October 2022 and

thereafter, the Five Year Gilt plus 3.08 per

cent, if not called

6.5 per cent

No No No



Yes Yes No















conditions


conditions


conditions



No No No

Statutory regime expected to be available Statutory regime expected to be available Statutory regime expected to be available












n/a n/a n/a



Yes Yes Yes

Step-up Step-up Subordination

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR






TLAC


TLAC


TLAC



XS0102480786 XS0041078535 GB0006267073







9,601,680 34,371,569 155,907,548


10,560,000 34,232,000 192,920,000


100 per cent Variable (3) 100 per cent

100,000,000 200,000,000 500,000,000

EUR GBP USD


05/10/1999 17/12/1992 09/07/1985



Yes Yes Yes

Issuer Call October 2009 / Tax Call on any


Issuer Call 17 December 2022 / Tax Call at

any time / Variable (7)

Issuer Call July 1990 / Tax Call on any


Each Interest Payment Date At any time after 17 December 2022 Each Interest Payment Date

Floating Fixed Floating

3 month EURIBOR plus 2.15 per cent 11.5 per cent 6 month US dollar Limean plus 0.25%

No No No

Partially discretionary Partially discretionary Partially discretionary


Yes No No






At option of the Issuer




Fully or partially Always Fully Fully or partially

To be determined at conversion Par conversion To be determined at conversion


conditionsOptional; at the option of the Issuer


conditions

Common Equity Tier 1

Additional Tier 1. Convertible into 8.392 per

cent. Non-Cumulative Preference Shares of

£1 nominal value each.

Common Equity Tier 1


No No No













n/a n/a n/a



Yes Yes Yes

Step-upConditions for redemption


Conditions for redemption


(7) After first call and before 17 December

2052: the higher of the principal amount or the

price equal to the Benchmark Gilt having a

maturity as near as possible to 17 December

2052.

If on or after 17 December 2052: the principal

amount of the Notes .

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR






TLAC


TLAC


TLAC


National Westminster Bank Plc National Westminster Bank Plc Ulster Bank Ireland DAC

GB0006267180 LU0001547172 IE0004325282

English English Irish






185,340,230 230,564,086 1,547,931


229,340,000 285,300,000 1,148,000


100 per cent 100 per cent n/a

500,000,000 500,000,000 5,000,000

USD USD GBP


09/07/1985 27/11/1985 07/09/1998



Yes Yes No

Issuer Call July 1990 / Tax Call on any


Issuer Call November 1990 / Tax Call on any

Interest Payment Date / 100 per centn/a

Each Interest Payment Date Each Interest Payment Date n/a

Floating Floating Floating

6 month US dollar Limean plus 0.25% 3 month US dollar Limean plus 0.25% 6 month Sterling LIBOR plus 2.55 per cent

No No No



No No No















conditions


conditions


conditions


National Westminster Bank Plc National Westminster Bank Plc Ulster Bank Ireland DAC

No No No













n/a n/a n/a



Yes Yes Yes




No Waiver of Set-Off RightsNo Waiver of Set-Off Rights

Original PIBs issued by First National Building

Society on 18/03/1994

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR






TLAC


TLAC


TLAC


Ulster Bank Ireland DAC Ulster Bank Ireland DAC NatWest Markets Plc

IE0004325399 IE0004325514 XS0116447599

Irish Irish English






49,746,878 25,527,821 30,441,000


31,154,111 11,453,000 30,441,000


n/a n/a 100 per cent

38,092,142 20,000,000 175,000,000

EUR GBP GBP


07/09/1998 07/09/1998 31/08/2000



No No Yes

n/a n/aIssuer Call 31 August 2010 / Tax Call at any

time / 100 per cent

n/a n/a n/a

Fixed Fixed Fixed


No No No



No No Yes















conditions


conditions


conditions


Ulster Bank Ireland DAC Ulster Bank Ireland DAC NatWest Markets Plc

No No No













n/a n/a n/a



Yes Yes Yes

No Waiver of Set-Off Rights No Waiver of Set-Off Rights No Waiver of Set-Off Rights





1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR






TLAC


TLAC


TLAC


NatWest Group plc NatWest Markets Plc NatWest Markets Plc

US780097BM20 XS0144810529 XS0138939854

New York English English

Contractual Statutory Statutory


Tier 2 Ineligible Ineligible

Group Solo and Group Solo and Group


603,902,510 21,157,778 19,900,386


750,000,000 21,175,000 18,813,000

100 per cent 99.974 per cent 95.853 per cent


750,000,000 500,000,000 500,000,000

USD GBP GBP


01/11/2019 22/03/2002 29/11/2001

Dated Perpetual Perpetual

01/11/2029 Perpetual Perpetual

Yes Yes Yes

Issuer call 01 Nov 2024Issuer Call 22 March 2022 / Tax Call at any

time / 100 per cent

Issuer Call 07 June 2032 / Tax Call at any

time / 100 per cent

n/a Each fifth anniversary after first call Each fifth anniversary after first call

Fixed to Fixed Fixed to Fixed Fixed to Fixed

3.754 per cent untill 01 Nov 2024. Reset to



Calculation Agent plus 210bps

6.20 per cent to March 2022 and thereafter

the five year gilt plus 2.05 per cent , if not

called

5.625 per cent to June 2032 and thereafter

the five year gilt plus 2.41 per cent , if not

called

No No No

Mandatory Partially discretionary Partially discretionary

Ma ndatory Partially discretionary Partially discretionary

No Yes Yes

n/a Cumulative Cumulative





Banking Act 2009










conditions


conditions


conditions


NatWest Group plc NatWest Markets Plc NatWest Markets Plc

Yes No No


inStatutory regime expected to be available Statutory regime expected to be available




Banking Act 2009









n/a n/a n/a



No Yes Yes

n/aStep-up


Step-up


1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR






TLAC


TLAC


TLAC


NatWest Markets Plc NatWest Markets Plc NatWest Markets Plc

XS0154144132 XS0305575572 XS0357281046




Ineligible Tier 2 Tier 2



18,235,298 106,660,104 75,001,746


15,867,000 300,000,000 144,400,000

100.014 per cent 100 per cent 100 per cent


300,000,000 300,000,000 144,400,000

GBP EUR EUR


16/09/2002 14/06/2007 23/04/2008

Perpetual Dated Dated

Perpetual 14/06/2022 23/04/2023

Yes Yes Yes

Issuer Call 16 September 2026 / Tax Call at

any time / 100 per cent

Tax and Regulatory Call only on an Interest

Payment Date

Tax and Regulatory Call on any Interest

Payment Date

Each fifth anniversary after first call n/a n/a

Fixed to Fixed Floating Floating

5.625 per cent to September 2026 and

thereafter the five year gilt plus 2.10 per cent

, if not called10yr EUR CMS minus 1.84 per cent

(8) Index Inflation Ratio plus 4 per cent (floored at

6 per cent)

No No No

Partially discretionary Mandatory Mandatory

Partially discretionary Mandatory Mandatory

Yes No No















conditions


conditions


conditions


NatWest Markets Plc NatWest Markets Plc NatWest Markets Plc

No No No













n/a n/a n/a



Yes No No

Step-up

No Waiver of Set-Off Rightsn/a n/a

(8) 10yr EUR CMS means the new fixing will

be -1.84bps over EURIBOR instead of +1bps

over EURIBOR, after EUR Libor stopped

existing in 2014.

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR






TLAC


TLACIncluded only in TLAC

Tier 2 Excluded from Tier2 Capital Resources (4) Senior unsecured debt

NatWest Group plc NatWest Markets N.V. NatWest Group plc

XS2172960481 XS0123050956 US780097BA81

English The Netherlands New York

Statutory Statutory Contractual

Tier 2 Tier 2 n/a

Tier 2 Ineligible n/a

Group Solo and Group n/a

Tier 2 Securities Tier 2 Securities Senior unsecured debt

996,397,262 0 n/a


1,000,000,000 170,000,000 1,500,000,000

100 per cent 97.94118 per cent 99.82 per cent

100 per cent Outstanding Aggregate Nominal Amount 100 per cent

1,000,000,000 170,000,000 1,500,000,000

GBP EUR USD


14/05/2020 23/01/2001 05/04/2016

Dated Dated Dated

14/08/2030 28/02/2041 05/04/2026

Yes Yes No

Issuer call on any date between 14 May 2025

& 14 Aug 2025 inclusive Tax Call at any time n/a

n/a n/a n/a

Fixed to Fixed Variable paid in Instalments Fixed

3.622 per cent untill 14 Aug 2025 and

thereafter the five year gilt plus 355bpsVariable paid in Instalments 4.800 per cent

No No No

Mandatory Mandatory Mandatory


No No No

n/a Cumulative Cumulative

Convertible Non-convertible Convertible




n/a

Exercise of Resolution Powers with respect to

NatWest Group by the UK Resolution

Authority, or by any other authority in UK that

is competent under the law to exercise

Resolution Powers.

Fully or partially n/a Fully or partially

To be determined at conversion n/a At the discretion of UK Resolution Authority


conditionsn/a

Optional (at the discretion of UK Resolution

Authority)

Common Equity Tier 1 n/a Common Equity Tier 1

NatWest Group plc n/a NatWest Group plc

No No Yes

Statutory regime expected to be available Statutory regime expected to be availableContractual acknowledgement of statutory bail-

in




n/a





Resolution Powers.

Fully or partially n/a Fully or partially

Permanent n/a Permanent

n/a n/a n/a

Contractual Contractual Structural

Subordinate to Senior Creditors Subordinate to Senior Creditors n/a

No Yes No

n/a



Conditions for Redemption



n/a

(4) Grandfathered as Tier 2 capital and

subsequently derecognised from regulatory

capital in 2017 following regulatory approval

for a liability management action.

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR





Included only in TLAC Included only in TLAC Included only in TLAC

Senior unsecured debt Senior unsecured debt Senior unsecured debt


US780097BD21 US780097BE04 US780097BF78

New York New York New York


n/a n/a n/a

n/a n/a n/a

n/a n/a n/a


n/a n/a n/a


2,650,000,000 1,500,000,000 1,500,000,000

99.97 per cent 100 per cent 100 per cent


2,650,000,000 1,500,000,000 1,500,000,000

USD USD USD


12/09/2016 15/05/2017 15/05/2017

Dated Dated Dated

12/09/2023 15/05/2023 15/05/2023

No No No

n/a Issuer call 15 May 2022 Issuer call 15 May 2022

n/a n/a n/a

Fixed Fixed to floating Floating

3.875 per cent

3.498 per cent untill 15 May 2022. Resets to

three-month U.S. dollar Libor plus 148bps, if

not called

Three-month U.S. dollar Libor plus 147bps

No No No



No No No







Resolution Powers.





Resolution Powers.





Resolution Powers.


At the discretion of UK Resolution Authority At the discretion of UK Resolution Authority At the discretion of UK Resolution Authority


Authority)


Authority)


Authority)



Yes Yes Yes


in


in


in





Resolution Powers.





Resolution Powers.





Resolution Powers.



n/a n/a n/a

Structural Structural Structural

n/a n/a n/a

No No No

n/a n/a n/a

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR








US780097BG51 US780097BH35 US780097BJ90

New York New York New York


n/a n/a n/a

n/a n/a n/a

n/a n/a n/a


n/a n/a n/a


1,750,000,000 750,000,000 1,250,000,000



1,750,000,000 750,000,000 1,250,000,000

USD USD USD


18/05/2018 25/06/2018 25/06/2018

Dated Dated Dated

18/05/2029 25/06/2024 25/06/2024

No No No

Issuer call 18 May 2028 Issuer call 25 Jun 2023 Issuer call 25 Jun 2023

n/a n/a n/a

Fixed to Floating Floating Fixed to Floating

4.892 per cent untill 18 May 2028. Resets to

three-month U.S. dollar LIBOR plus 175.4

bps, if not called

Three-month U.S. dollar LIBOR plus 155 bps

4.519 per cent untill 25 June 2023. Resets to

three-month U.S. dollar LIBOR plus 155bps, if

not called

No No No



No No No







Resolution Powers.





Resolution Powers.





Resolution Powers.




Authority)


Authority)


Authority)



Yes Yes Yes


in


in


in





Resolution Powers.





Resolution Powers.





Resolution Powers.



n/a n/a n/a


n/a n/a n/a

No No No

n/a n/a n/a

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR








XS1382368113 XS1575979148 XS1788515606



n/a n/a n/a

n/a n/a n/a

n/a n/a n/a


n/a n/a n/a


1,500,000,000 1,500,000,000 1,500,000,000

99.304 per cent 100 per cent 99.850 per cent


1,500,000,000 1,500,000,000 1,500,000,000

EUR EUR EUR


22/03/2016 08/03/2017 02/03/2018

Dated Dated Dated

22/03/2023 08/03/2023 02/03/2026

No No No

n/a Issuer call 08 Mar 2022 Issuer call 02 Mar 2025

n/a n/a n/a

Fixed Fixed to floating Fixed to Floating

2.500 per cent2.000 per cent until 8 March 2022. Reset to

3m EURIBOR + 203.9bps, if not called

1.750 per cent untill 2 March 2025. Reset to

3 Month Euribor plus 108bps, if not called

No No No



No No No







Resolution Powers.





Resolution Powers.





Resolution Powers.




Authority)


Authority)


Authority)



Yes Yes Yes


in


in


in





Resolution Powers.





Resolution Powers.





Resolution Powers.



n/a n/a n/a


n/a n/a n/a

No No No

n/a n/a n/a

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR








XS1795261822 XS1875275205 XS1877539889



n/a n/a n/a

n/a n/a n/a

n/a n/a n/a


n/a n/a n/a


800,000,000 750,000,000 10,000,000,000

99.381 per cent 99.82 per cent 100 per cent


800,000,000 750,000,000 10,000,000,000

GBP EUR JPY


19/03/2018 04/09/2018 18/09/2018

Dated Dated Dated

19/09/2026 04/03/2025 18/09/2029

No No No

Issuer call 19 Sep 2025 Issuer call 04 Mar 2024 Issuer call 18 Sep 2028

n/a n/a n/a

Fixed to Fixed Fixed to Floating Fixed to Floating

2.875 per cent untill 19 September 2025.

Reset to 1 year GBP swaps plus 149bps, if

not called

2.000 per cent untill 04 Mar 2024. Resets to

three month Euribor plus 173.7bps, if not

called

1.360 per cent untill annum accruing 18 Sep

2028. Resets to 6 month JPY LIBOR plus

98.625bps, if not called

No No No



No No No







Resolution Powers.





Resolution Powers.





Resolution Powers.




Authority)


Authority)


Authority)



Yes Yes Yes


in


in


in





Resolution Powers.





Resolution Powers.





Resolution Powers.



n/a n/a n/a


n/a n/a n/a

No No No

n/a n/a n/a

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR








US78009PEH01 XS1970533219 US780097BK63

New York English New York

Contractual Statutory Contractual

n/a n/a n/a

n/a n/a n/a

n/a n/a n/a


n/a n/a n/a


1,750,000,000 500,000,000 2,000,000,000



1,750,000,000 500,000,000 2,000,000,000

USD GBP USD


27/09/2018 28/03/2019 22/03/2019

Dated Dated Dated

27/01/2030 28/03/2027 22/03/2025

No No No

Issuer call 27 Jan 2029 Issuer call 28 Mar 2026 Issuer call 22 Mar 2024

n/a n/a n/a

Fixed to Floating Fixed to Fixed Fixed to floating

5.076 per cent untill 27 January 2029. Resets

to three month U.S. dollar LIBOR plus 190.5

bps, if not called

3.125 per cent untill 28 Mar 2026. Reset to 1

year GBP swaps plus 200.6bps, if not called

4.269 per cent untill 22 March 2024. Resets

to three-month U.S. dollar LIBOR plus 176.2,

if not called

No No No



No No No







Resolution Powers.





Resolution Powers.





Resolution Powers.




Authority)


Authority)


Authority)



Yes Yes Yes


in


in


in





Resolution Powers.





Resolution Powers.





Resolution Powers.



n/a n/a n/a


n/a n/a n/a

No No No

n/a n/a n/a

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR








XS2056577203 XS2080205367 US780097BP50

English English New York

Statutory Statutory Contractual

n/a n/a n/a

n/a n/a n/a

n/a n/a n/a


n/a n/a n/a


5,000,000,000 750,000,000 1,000,000,000



5,000,000,000 750,000,000 1,000,000,000

JPY EUR USD


04/10/2019 15/11/2019 22/05/2020

Dated Dated Dated

04/10/2030 15/11/2025 22/05/2028

No No No

Issuer call 04 Oct 2029 Issuer call 15 Nov 2024 Issuer call 22 May 2027

n/a n/a n/a

Fixed to floating Fixed to floating Fixed to Fixed

1.04 per cent until 4 Oct 2029. Reset to 6m

JPY LIBOR + 107.5bps, if not called

0.750 per cent until 15 Nov 2024. Reset to 3m

Euribor + 107.95bps, if not called

3.073 per cent untill 22 May 2027. Reset to




No No No



No No No

Non-cumulative Non-cumulative Cumulative






Resolution Powers.





Resolution Powers.





Resolution Powers.




Authority)


Authority)


Authority)



Yes Yes Yes


in


in


in





Resolution Powers.





Resolution Powers.





Resolution Powers.



n/a n/a n/a


n/a n/a n/a

No No No

n/a n/a n/a

1 Issuer




3a













Currency)

9a Issue price

9b Redemption price


Currency)

9d Issue Currency







amount


Coupons / dividends

















into







mechanism


35



instrument)



(1)

(2)

(3)

Notes










by CRR





Included only in TLAC Included only in TLAC

Senior unsecured debt Senior unsecured debt

NatWest Group plc NatWest Group plc

US780097BN03 US780097BL47

New York New York

Contractual Contractual

n/a n/a

n/a n/a

n/a n/a

Senior unsecured debt Senior unsecured debt

n/a n/a

GBP 0m GBP 0m

600,000,000 1,250,000,000

100 per cent 100 per cent

100 per cent 100 per cent

600,000,000 1,250,000,000

USD USD

Amortised Cost Amortised Cost

22/05/2020 08/05/2019

Dated Dated

22/05/2024 08/05/2030

No No

Issuer call 22 May 2023 Issuer call 08 May 2029

n/a n/a

Fixed to Fixed Fixed to floating

2.359 per cent untill 22 May 2023. Reset to




4.445 per cent until 8 May 2029. Resets to

three-month U.S. dollar LIBOR plus 187.1bps,

if not called

No No

Mandatory Mandatory

Mandatory Mandatory

No No

Cumulative Cumulative

Convertible Convertible





Resolution Powers.





Resolution Powers.

Fully or partially Fully or partially

At the discretion of UK Resolution Authority At the discretion of UK Resolution Authority


Authority)


Authority)

Common Equity Tier 1 Common Equity Tier 1

NatWest Group plc NatWest Group plc

Yes Yes


in


in





Resolution Powers.





Resolution Powers.

Fully or partially Fully or partially

Permanent Permanent

n/a n/a

Structural Structural

n/a n/a

No No

n/a n/a

Documents

Capital instruments: main features/media/Files/R/RBS-IR-V2/...Coupons / dividends 17 Fixed or floating dividend/coupon Fixed to floating Fixed to floating Fixed 18 Coupon rate and